We all want to make money consistently, every day if we can when we trade. If we are at the desk watching the markets and placing trades, then it is an opportunity to make money. The keyword there is opportunity.
Believe it or not, you do not need to make money every day. You do not even need to trade every day. Waiting several days, or even weeks for stock to set up according to your trading strategy can be warranted.
Sure you can still call yourself a day trader, because you are placing the trade intraday, and not holding stocks overnight, but it doesn’t mean you have to trade every day.
With the strategies that I trade, I certainly have opportunities every day. But I also monitor the bigger picture. It is important to be able to diversify (up to a certain point) when it comes to your trading strategy.
Essentially it comes down to where you find yourself most comfortable. What are your most profitable trade setups?
I found a few strategies that work for me, and now I teach them to other traders as part of an overall approach to trading consistently profitable.
But making money consistently can be a challenge simply because traders do not stick to a particular strategy. They may get good at something, but then they go look for something else, instead of sticking to what works.
I believe in sticking to what works.
Sure that is not an earth-shattering, ground-breaking concept. I like to keep things simple.
The fewer headaches when it comes to trading, the better.
I like to keep things real too. I’m not in the business of telling people what they want to hear. I would rather tell you what you need to hear because frankly, that is how you help someone grow, especially in this business.
Making money consistently is a challenge when it comes to trading because people don’t take it seriously, they don’t treat it as a business.
Trading gets a bad rap many times because of the “gambler mentality” stigma that follows it.
It’s no wonder why that is the case. Because traders lose money…a lot. And the bad often outweighs the good, when it comes to where people want to spend their focus. (Just put on the news for about 15 minutes every evening).
So the reality is a lot of people focus on saying making money trading is easy and anyone can do it because of easy sales. The truth is, it is hard to make money trading consistently, and not everyone can do it.
How do you know if you can?
First, you need to have a plan, a strategy, and a proven process. Then you need to practice, learn, study, watch. You need to watch charts and watch how the market reacts. Develop a list of stocks, it doesn’t have to be a lot.
You can make money trading the same list of stocks week in and week out if you really learn their movements, their ranges, and how they react to the news, earnings, the overall market sentiment, and so on.
Consistency isn’t always about money either. It is in the focus, time, effort, and discipline that you put into becoming a better trader every day.
What are you doing with your time? Are you studying charts and scanning regularly? Are you reading material? Are you going back and reviewing lessons in the courses you invested in?
Consistency is challenging in any endeavor because people get bored, people sometimes are curious and want to try something new.
But in trading, just doing the same type of trades day in and day out that actually make money is something I have come to find, no matter how boring, is a really great way to make a living, and have the freedom that comes with it.
Follow my free 4-step roadmap to gain the insights you will need to:
- Develop consistency
- Make trading into a career
- Succeed for the long term
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